Hi jody,
as Agni truely states, SharePoint is limited in the number of fields of each datatype (for some field types such as lookup i think its no more than 2 or 3, for text boxes somewhat higher).
i can se no way to get past this in the current version of SPS, since the limitations are "hardcoded" in the database model.
Sharepoint 2007 has a much more advanced meta data handling, so maybe you should consider upgrading to this new platform.
Beware though that SPS 2007 / WSS 2007 is still only beta2 and not expected to be released anytime soon. You can download the beta2 though and try it out if you like:
WSS 2007
http://download.microsoft.com/download/A/7/7/A7780E67-F21A-4265-A445-8EF1F19D223F/SharePoint_setup.exe
hth